Toncoin’s [TON] new user adoption has experienced a significant rise despite the altcoin’s declining prices. However, the current market conditions signal a potential reversal to the upside.
For starters, a rising positive sentiment among stakeholders, especially analysts, was observed. As such, according to Burak Kesmeci, TON needs only 10% gains to strengthen the bullish momentum that’s currently building.
Moreover, Toncoin’s large holders (whales) have turned bullish and are increasing capital inflow into the altcoin. The large holders’ netflow has spiked from 6.47k to 87.93k, showcasing massive capital inflow from whales. This indicates that whales are buying TON.
With more purchases than outflows, it signals bullish sentiment among whales as they attempt to buy the dip. Finally, Toncoin’s MVRV Ratio has declined over the past week to a low of 3.34.
Historically, TON’s MVRV signals a trend reversal to the upside when it drops below 3.5. Similarly, TON’s MVRV signals a market top when it reaches 4.9. Therefore, at the current rates, the market is healthy and could see some gains in the uptrend.
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